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Singapore's PSA suffers 7.5pc profit fall despite 5.5pc volume increase


SINGAPORE's global port operator, PSA International (PSA), suffered a 7.5 per cent year-on-year decline to S$1.17 billion (US$835.49 million) despite a three per cent increase in annual revenue to S$3.68 billion.

PSA also enjoyed at 5.5 per cent increase in container throughput to 67.63 million TEU in 2016 with its local flagship, Singapore Terminals, contributing 30.59 million TEU while operations outside add another 37.04 million TEU, up 10.6 per cent year on year.

Said PSA International CEO Tan Chong Meng: "2016 was a period of unrelenting trials and tribulations. Burdened with a prolonged period of sluggish trade, sustained low oil prices, excess liner shipping capacity and depressed freight rates, the industry also had to deal with an unprecedented scale of consolidation through alliancing and merger of major shipping lines, and the complicated coordination tasks needed to ensure containers get to the importers in the aftermath of a major player becoming defunct."

PSA is ranked No 4 among global terminal operators, behind Hong Kong's Hutchison Port Holdings, China's Cosco's Shipping Ports and Maersk's APM Terminals.

Source: Schednet

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